Related Development Looks to Invest $300M in Vegas Rental Market
Officials with the firm say the company is currently poised to enter the Las Vegas market and is considering three locations along the 215 Beltway and/or in the southwestern Las Vegas valley to develop luxury rental apartment communities.
LAS VEGAS—After opening its Southwest division office late last year, Miami-based luxury apartment developer Related Development, LLC believes the Las Vegas rental market is no gamble and will put its money down on this market beginning in early 2019.
Officials with the firm say the company is currently poised to enter the Las Vegas market and is considering three locations along the 215 Beltway and/or in the southwestern Las Vegas valley to develop luxury rental apartment communities.
Steve Patterson, president and CEO, Related Development, LLC, says Las Vegas ranks near the top nationally for rent growth. “That, coupled with strong job growth fueled by new casino and major project development, the arrival of professional sports, a diversifying economy with the addition of such projects as the new school of medicine, cost of living, quality of life and a strong overall housing market, make Las Vegas highly desirable for us,” he says.
Patterson adds that the company is poised to invest $300 million in Las Vegas and notes that the company is confident the market is ripe for that level of investment.
“We plan to officially announce our projects first quarter 2019 with the first deliveries in 2020,” he says. The company’s Southwest division is led by Kevin Wisdom, senior VP/development; and John Faulk, VP, development. The Southwest division office in Dallas was established expressly to explore luxury apartment opportunities throughout the southwest US with particular focus on Phoenix and Las Vegas.
The planned Las Vegas developments should employ approximately 350 construction workers and the company says it intends to use local contractors.
Patterson relates that in addition to the highly sought-after millennial demographic, service workers are a key driver as well in the Las Vegas rental sector.
“Las Vegas is a city where anything and everything is possible,” Patterson relates. “We are excited to be here—and in a big way.”
Related Development made news last week in Las Vegas when it won an award at the 2018 Multi-Family Executive Conference at Bellagio Las Vegas for the nation’s Best Mid-Rise Development: The Flats, a mixed-use residential project located in Doral, FL.
Recent rental completions by Related include the 390-unit Icon Midtown property in Atlanta and the 340-unit Icon Harbour Island property in Tampa Bay, FL. The firm currently has an additional 4,000 units in its development pipeline.
Related Development is part of The Related Group, a multinational privately-held company that has built, rehabilitated and managed more than 90,000 condominium, rental and commercial units. The firm is one of the largest Hispanic-owned businesses in the United States with a development portfolio of projects in excess of $15 billion.